*Nikkei down 0.2 percent as U.S. bailout deal stalls
*CSK weighs on the Nikkei on loss outlook
*Shippers fall on slide in freight index
(Adds stocks and comments)
By Aiko Hayashi
TOKYO, Sept 26 (Reuters) - The Nikkei average fell 0.2
percent on Friday, dragged lower by blue-chip exporters such as
Kyocera <6971.T> as a proposed $700 billion bailout deal for the
U.S. financial sector stalled in Washington.
Financial services firm CSK Holdings Corp <9737.T> tumbled
more than 9 percent after saying it would post an annual loss,
hurt by the turmoil in global credit markets, while shipping
firms slid again on a further fall in a key freight index.
Many investors were on the sidelines, watching events unfold
in Washington. U.S. stocks futures <SPc1> were down more than 1
percent.
As the U.S. Congress struggled to find agreement on modifying
the Bush proposal to attack the housing market crisis, a group of
conservative Republican lawmakers proposed an alternative
mortgage insurance plan. []
"Everything depends on the bailout plan now. Japanese stocks
are no longer moving on domestic factors," said Masaru Hamasaki,
senior strategist at Toyota Asset Management.
"The Republicans want the markets to take care of themselves.
That means we have to prepare ourselves for a disaster in a
worst-case scenario."
The benchmark Nikkei <> shed 23.19 points to 11,983.34,
after starting the day in positive territory. The broader Topix
<> edged up 0.07 percent to 1,154.81.
"The Japanese market will likely get some unique trading
factors in October as companies start reporting results, after
its moves were completely dictated by U.S. factors this month,"
said Masayoshi Okamoto, head of dealing at Jujiya Securities.
EXPORTERS, SHIPPERS DRAG
Some exporters with a heavy volume weighting on the Nikkei
fell, with industrial robot maker Fanuc Ltd <6954.T> down 1.1
percent at 8,260 yen. Electric parts maker Kyocera slid 2.1
percent to 8,300 yen to become the top drag on the Nikkei 225.
CSK dropped 9.4 percent to 1,646 yen.
Mitsui OSK Lines Ltd <9104.T> fell 3.8 percent to 972 yen
after the Baltic Exchange's chief sea freight index for global
raw materials trade <.BADI> tumbled more than 7 percent on
Thursday to its lowest point since November 2006.
Kawasaki Kisen Kaisha <9107.T> skidded 6.4 percent to 676 yen
and Nippon Yusen KK <9101.T> slid 2.6 percent to 738 yen.
Among the gainers, Takeda Pharmaceutical <4502.T> climbed 2.8
percent to 5,590 yen after the company said it would buy back up
to 1.1 percent, or up to 50 billion yen worth, of its outstanding
shares.
Trade was light on the Tokyo exchange's first section, with
779 million shares changing hands, below last week's morning
average of 1.1 billion.
Declining stocks beat advancing ones by nearly 3 to 1.
(Reporting by Aiko Hayashi; Editing by Edwina Gibbs)
